7 Reasons Why You should Invest in Health Insurance Early

Keeping in mind, that the hectic lifestyle, physical inactivity, contaminated food, etc. lead to serious diseases, and treatment of such illnesses are resulting in huge medical costs that could make a major impact on your finances. In order to get a financial cover against medical expenses, it’s wise to go for health insurance plans.  In this blog, we are specifying 7 key reasons to “Invest in Health Insurance” early.

Health adversities can occur anytime and their treatment can burn a hole in your pocket, so you need to be prepared to face such eventuality. Health insurance helps you to get access to quality treatment without any worries about overbearing expenses. Nowadays, health insurance has become a necessity, as it helps to fulfill the health care needs of you & your family. 

Get Coverage at an Affordable Price

If you look to buy health insurance at an early age say at 30 years, you have the option to get the coverage at a lower premium than buying it at 40 years of age. At a younger age, you are healthy and there are lesser chances to get seriously ill. Considering good health at a younger age, insurance companies charge a lesser premium for providing you the health insurance coverage.

If at an age of 30 years, you are buying HDFC ERGO General Health Easy Health Family Floater covering you, your spouse, and your son with the sum insured of 5 lacs with a 1-year policy cover, you are charged with the premium of Rs 11,889. If you are buying the same plan for your family at 40 years of age, you are charged a premium of 13,632. So, by buying a health cover early at 30 years of age, you are saving Rs 1743 on the annual premium.

Lifestyle Illnesses can Occur Anytime

Day-to-day sedentary lifestyles have led to the occurrence of several serious health conditions such as heart ailments, lung diseases, diabetes, and cancer. All these health conditions cost huge when you go for their treatment. It’s thus wise to insure yourself timely. By having appropriate health coverage, you are ready for any health-related issues. The best health policy provides annual health checkups that will help you know about your health condition better.

Buying Health Insurance Early helps in Better Financial Planning

By buying health insurance early in your life, you not only get it at the best price, but it is also a financially prudent decision. Illnesses or injuries strike without any announcement and it is thus essential to get adequate coverage that can pay for medical emergencies. It provides a shield against the family’s financial planning and enables you to plan your investments better. By investing in a health insurance plan, you can enjoy tax benefits under section 80D of the Income Tax Act.

Employer Cover is Not Enough

Several employers offer health coverage to their employees, but several times it does not provide wider coverage. Health insurance from your employer may not cover a week’s hospitalization expenses. It’s thus required to get an adequate health cover at an early age. It’s best to stay prepared against medical contingencies that may occur as your age advances.

Completing Waiting Period When You Need It

Typically, health policies have a waiting period of 2 to 4 years for pre-existing illnesses and other specified illnesses such as hernia, cataract, hydrocele, etc. During the waiting period, the insurance company does not provide coverage for listed illnesses. It would be a prudent decision to buy or invest in a health insurance policy when you are young, so the waiting period is over by the time you need coverage for such illnesses.

Accumulate NCB During Initial Policy Years

No Claim Bonus (NCB) is a key benefit offered by the insurance companies, in case you do not make claim in the previous year. If you buy health insurance at a young age, you do not require medical attention and thus don’t make claims during the initial years. It helps you to accumulate NCB that further increases the sum assured. With the increased sum assured, you can enjoy a higher coverage at no additional cost. 

Less Chance of Rejection

At a young age, you have good health and medical underwriting would be in your favor that helps you to get the policy easily. When you get a policy after medical underwriting, there is no possibility to get your health claim rejected on the ground of adverse health conditions. As your age advances, there are chances to develop medical complications and in case of serious illnesses, the insurance company might reject your policy. It is thus wise to buy a health plan when you are young that lowers the probability of rejection.

Conclusion

A health insurance policy takes care of burdensome medical costs, so you can solely focus on your health recovery. Health insurance is a ‘must-to-buy’ and it is also recommended to buy an individual/family health cover at an early age. Buying health insurance early helps you to get covered at an affordable cost. You only need to buy a customized best health policy that fulfills your or your family’s health care needs, it’s better to invest in Health Insurance.